Gaming Innovation Group (GiG) is reportedly close to acquiring evoke’s share of B2C sports betting brand 888Africa, according to sources familiar with the matter.
The Nasdaq-listed platform supplier is understood to be targeting evoke’s 80% shareholding in 888Africa, structured as a 20% direct ownership stake with the remainder held as a convertible loan.
Evoke is said to be seeking between €20m and €30m for its share in the African venture, as the William Hill owner looks to raise cash ahead of its acquisition by Bally’s Intralot.
The remaining 20% of 888Africa is held by the operator’s senior management team, who are reportedly eager to finalise a deal before the evoke-Bally’s transaction closes.
Senior management’s urgency stems from fears that their share options would become close to worthless once the Bally’s deal is completed, increasing pressure to move quickly.
Evoke has previously flagged “material uncertainties” around its ability to continue as a going concern if the Bally’s acquisition were to fall through, making asset sales increasingly attractive.
888Africa is led by CEO Christopher Coyne, a former Paddy Power and Stars Group executive who helped launch the African venture with great fanfare back in 2022.
At the time of launch, Coyne said: “We are delighted to launch 888Africa alongside 888. With our team of experienced professionals and significant knowledge of the African markets, it is our ambition to build the business towards market-leading positions in selected regulated markets across the region.”
The deal would mark a significant strategic shift for GiG, which exited the B2C space six years ago when it sold its consumer-facing brand portfolio to Betsson Group.
GiG has faced considerable financial difficulties since separating from its affiliate business, now known as Gentoo Media, reporting an after-tax loss every quarter including €5.2m in its most recent Q1 report.
The company has also enacted multiple waves of redundancies, with 170 staff affected in 2026 alone, and has scrapped its design, in-house CRM, and operational managed services functions.
Sources familiar with GiG’s finances suggest the company itself may not be in a position to fund the acquisition, with financial backing expected to come from the Juroszek family, who hold around 24.69% of the total GiG business.
The Polish investors were previously the owners of STS Holdings before selling it to Entain in 2023, giving them significant experience in the sports betting sector.
The rationale behind the potential acquisition is understood to involve bringing an EBITDA-positive business onto GiG’s balance sheet, onboarding a major B2B customer, and gaining a foothold in the fast-developing African market.
GiG CEO Richard Carter outlined his ambitions for emerging markets in his Q2 2025 review, stating: “[W]e see increasing potential not just in the APAC region but in the broader emerging markets, including Latam, Eastern Europe and Africa, where iGaming regulation is evolving and creating substantial expansion opportunities for GiG.”
Carter added: “In these markets we intend to enter into larger, more strategic agreements with our partners, delivering a higher return on investment.”
888Africa has only recently reached EBITDA profitability, with its strongest performance coming in Mozambique, while it is also live in Angola, according to sources.
Multiple sources have also suggested the deal could serve as a precursor to taking GiG private, citing “internal frustrations” at the restrictions that come with being a publicly listed company.
GiG’s current market capitalisation of just under €30m means investors could potentially acquire the business at a relatively low cost and work to unlock its earnings potential.
One anonymous contact told NEXT.io: “This makes more sense than GiG spinning out from Gentoo.” Both evoke and GiG declined to comment when approached for a response.
